1. Field of the Invention
This invention relates to the field of computer management systems generally and in particular to a computer system for managing the aspects of completing vehicle sales.
2. Description of the Related Art
The purchase of a large ticket item, such as a vehicle, can be a complex and time-consuming process involving numerous entities. A typical vehicle purchasing process can include finding a dealer from which to purchase a vehicle and finding a suitable vehicle. A vehicle buyer may wish to finance the vehicle purchase using a loan product from a bank or other money lender. In order to complete a deal, the purchaser, money lender, and vehicle dealer typically agree to terms of purchase and financing. The terms of purchase and financing may depend on the vehicle that the purchaser wishes to buy. In addition, a credit bureau may be involved in providing credit information for a lender to evaluate a potential buyer or loan applicant. Data, such as credit scores and histories, must be gathered and numerous forms typically exchange hands, such as loan applications, bill of sale, loan contracts, title transfers, registrations, and many other possibilities. The lag time in filling out and submitting these forms can often create a frustrating experience for the purchaser. Dealers are often forced to learn numerous systems and forms with which to interact with the different entities involved.
Purchasing a used vehicle, particularly from an independent dealer, may present special difficulties. Lenders are often uninterested in approving loans and dealing with independent used vehicle dealers due to a number of factors. In some cases, the purchasers may be more of a credit risk. In others, the used vehicle may be less attractive collateral than another type of new or used vehicle. In still others, a lender may be wary of the used vehicle dealer based on the dealer's smaller size, low transaction volume, or even the possibility of fraud. Nonetheless, lenders have an incentive to engage in transactions with used vehicle dealers, because each loan that a lender is able to successfully fund and collect generally increases the lender's revenue. Used vehicle dealers must overcome many of these risk factors, whether real or imaginary, in order to maintain and grow a successful business.